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And so the meager 3.42 percent increase in used car sales reported by the China Automobile Dealers Association for March showed a considerable slowing in the market.

And the problems will continue. Tesla now expects to make 20,000 Model 3s per month by the end of next year's first quarter.

Andrew Liveris, CEO of the US-based Dow Chemical Co, agreed with Li's position on globalization, saying it is "like gravity" and unstoppable.

Analysts struggled to explain the surprisingly high turnout. Some said fear and alertness over the pandemic may have driven voters to support Moon's government so it could fight the virus and its impact with more political stability.

Analysts said the removal of the equity cap in the commercial vehicle sector, including trucks and buses, will also trigger more interest from foreign companies.